Savings account not in name of trust
Hi Terry, xx
I have a Living Trust and when I opened a Treasury Direct Account for my I Bonds, I opened it as “Mary XXX, Trustee Under Declaration of Trust Dated xx/xx/xx” Now I want to transfer $40 or $50K from my savings account to T-Bills, but my Savings Account is just listed under my name, not the trust. Is that okay? Or should I talk to the people at my bank (Chase)?
Thank you. I enjoy listening to you on WGN and appreciate the advice you give (for example, I got out of my Medicare Advantage insurance based mostly on your talk!)
Terry Says
First, since you have a Revocable Living Trust, you should change the title on that savings account to your RLT. It’s easy to do, just provide the few pages your lawyer gave you to validate the existence of the trust. There’s no point in having an RLT if you don’t change title to all your major assets into the name of the trust! That includes your house!
Then open your TreasuryDirect account in the name of your RLT. And link it to your trust savings account. Both use your SS number.
